Forex Firms Seek Growth Opportunities In Middle East

This year, at least three Internet companies have opened offices in Dubai, trying to capitalize on growth opportunities in the region. Case in point: The retail Internet platform of Deutsche Bank, dbFX.com, recorded a 501% year-on-year increase in Middle Eastern currency trading volumes in the first quarter of 2009.

"The opportunities are ripe for foreign-exchange firms, because businesses in Dubai are already very aware and sensitive to foreign-exchange fluctuations," said Kathy Lien, chief strategist at Global Forex Trading, which opened a Dubai office last year.

Oanda Corp., with headquarters in New York, is the latest currency platform to open shop in Dubai, following Saxo Bank and FXCM Holdings LLC earlier this year.